Mobot Gets Mobile Marketing MoMentum Back

After being acquired by Florida's NeoMedia Technologies Inc. for $10 million in cash and stock earlier in the year, the original founders of Mobot Inc. in Lexington bought the company back last week.

With the spinout completed, Mobot this week reports its mobile visual search and recognition technology will help power the new scavenger-hunt-style interactive game from A&E Television Network, called The Sopranos A&E Connection.

Financial terms of the A&E deal were not provided. But it represents the first breath of Mobot's new life after NeoMedia's failed attempts to parlay the technology into a driving force in mobile Internet applications as it had planned, according to NeoMedia.

Mobot executives say the whole process was a blessing in disguise, and they are ready to move on.

"We're very fortunate to be in this position," said Russell Gocht. "The mobile market is expanding and the opportunities are growing, and we're free from the questions about our future. We're really rejuvenated."

1 comment:

Anonymous
said...

Actually the purchase price was $11.5 million...you forgot about the $1.5 million of debt owed by Mobot to Neomedia that was forgiven as part of the original acquisition--so the deal included $5 million in cash. Also, the article you linked to indicates the cash was returned to Neomedia as part of the spin out, which is not true.